Annual report pursuant to Section 13 and 15(d)

Stock Options (Tables)

v3.3.1.900
Stock Options (Tables)
 12 Months Ended
Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Weighted Average Assumptions Used Principally in Determining Fair Value of Options Granted

The weighted average assumptions used principally in determining the fair value of options granted were as follows:

 

 

 

2015

 

 

2014

 

Risk free interest rate

 

 

1.85

%

 

 

1.88

%

Expected dividend yield

 

 

0

%

 

 

0

%

Expected term in years

 

 

6.73

 

 

 

6.20

 

Expected volatility

 

 

90.68

%

 

 

89.75

%

Estimated forfeiture rate

 

 

4.83

%

 

 

19.20

%

 
Summary of Option Activity

A summary of option activity for years ended December 31, 2015 and 2014 is presented below:

 

Options

 

Shares

 

 

Weighted

Average

Exercise

Price

 

 

Weighted

Average

Remaining

Contractual

Term in

Years

 

 

Average

Intrinsic

Value

 

Outstanding at December 31, 2013

 

 

597,243

 

 

$

0.13

 

 

 

 

 

 

 

 

 

Granted

 

 

3,047,139

 

 

$

0.95

 

 

 

 

 

 

 

 

 

Exercised

 

 

(87,691

)

 

$

0.11

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2014

 

 

3,556,691

 

 

$

0.83

 

 

 

 

 

 

 

 

 

Granted

 

 

600,002

 

 

$

2.10

 

 

 

 

 

 

 

 

 

Exercised

 

 

(51,128

)

 

$

0.11

 

 

 

 

 

 

$

152,531

 

Forfeited

 

 

(123,500

)

 

$

1.00

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2015

 

 

3,982,065

 

 

$

1.03

 

 

 

8.10

 

 

$

2,578,843

 

Vested at December 31, 2015

 

 

1,946,810

 

 

$

0.87

 

 

 

7.63

 

 

$

1,560,372